Warburg Pincus is set to sell its remaining shares of National Penn Bancshares in Allentown, Pa.
National Penn filed a prospectus that allows Warburg to sell about 11.6 million shares of common stock. The offering, which equals about 8.3% of the $9.8 billion-asset National Penn's outstanding stock, is expected to close on Friday. National Penn will not receive any proceeds from the secondary offering.
Warburg has sold stock back to National Penn two prior occasions. In early 2014, the banking company bought $75 million in stock for $10.77 a share. Last month, National Penn repurchased another $75 million of stock from Warburg at $10.25 a share.
Warburg invested roughly $150 million in National Penn between 2010 and 2011, amassing a 16.4% stake. National Penn used some of the capital to exit the Troubled Asset Relief Program.